View: An “Inside Bar” for the benchmark Nifty
index in today’s session. This is a consolidation post the sharp
sell-off which we noticed on Friday. Today’s gain is promising with participation coming in from mid and small caps, but its the sustenance of this bounce back which is now more important. A move above today’s high will definitely see some more upsides and in that case we can expect resistance from (14,950-15,000). On the downside, the index deals with supports at (14,500-14,600) which comes in from a rising channel
and highs of mid-Jan’21. It’s the downside which is more critical now, because a confirmed break below 14,500 will for sure lead to further & significant downsides.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.